We Failed?

Failure is an inescapable element of research and development. Negative results, mistakes and ineffective solutions are part of the journey to achieving success. How you advanced toward your goals are what R&D is all about.

Overcoming Problems

Innovation is never straight forward. If the answer to the problem is apparent without uncertainty those activities will not qualify. Advancements in any field of technology will require solving problems using unique approaches with varying techniques to overcome uncertainty in order to achieve success.

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R&D Tax Relief - Credits FAQ

What types Of R&D expenditures are eligible for Tax Relief?

Almost all R&D project related expenditures can be claimed for R&D tax credits. These normally include staff salaries, wages, outsourcing, materials consumed during R&D and subcontractors.

How much can we recover from our innovation?

Eligible R&D Expenditures after April 1st 2015 are able to claim 230% of the costs incurred. In other words for every £1 spent £2.30 can be claimed.

My accountant said they can do this for me.

Equinox's experience identifying valid R&D activities is one of our keys to success. Often substantial portions of a claim can be missed without the necessary technical expertise and thorough understanding of the technical aspects of the programme. We ensure our high-quality professionally prepared claims maximise your Tax Credit benefits.

What is the maximum amount of R&D Tax Relief that can be claimed?

There is an upper limit of £7.5 million.

How long will the R&D Tax Credits claim preparation take?

The length of time it will take will depend on the number and scope of the R&D projects undertaken within the fiscal year. The process will depend on the availability of your team to review the eligible work with our staff. We have developed a straight forward procedure for quickly identifying the activities which are eligible through informal discussons with your staff and short questionaires. Once all of the R&D activities have been identified our team will quickly prepare the technical and accounting documents to expedite the process. The entire process should not take more than a couple of weeks to prepare for an average R&D tax claim.

How much is the fee to prepare the claim?

In most cases we work on a No Win No Pay basis. If we are not successful getting you R&D Tax Relief there is no charge. That is, we work on a contingency basis. If we are successful a percentage of the tax credit savings will be taken as a fee for our services. For those clients who would prefer to work on a per claim fee or combination of fee and percentage we are always happy to work with you to meet your specific needs.

How often do we apply for an R&D Tax Refund?

Tax credits can be applied for each year and submitted with your yearly corporate tax. Companies who are claiming for the first time will be able to submit for the previous year as well.

My accountant told me our activities are not eligible for the R&D tax credit programme.

Our experts are trained to identify qualifying R&D activities. It is important to understand the underlying technology which is normally outside the expertise of an accountant. After years of preparing R&D tax credit claims Equinox has refined a process to ensure maximum results for our clients.

We perform research and development but we have not made any profit, are we still eligible for R&D Tax Relief?

Companies not making profit have two options. The tax credits can be applied to the following year or a cash credit can be applied for allowing you to receive a very quick cash rebate.

We already prepare our own R&D Tax Credit claims?

Many of our clients have in the past completed their own claims. After moving to Equinox the vast majority realized much larger claims and were also relieved of the burden of preparing the technical and accounting Accounting Services tasks necessary on an ongoing basis. Equinox's experience has helped many companies realise the true value of their claims. There are often not so obvious entitlements and activities that are routinely missed. Equinox ensures all activities are accounted for and that a professionally prepared claim allows you to recieve the maximum benefits. Our services also ensures your highly qualified staff are focused on what they excel at best. Our goal is to minimise any disruptions to your daily activities and with our thorough understanding of the claim procedures minimise the risk of HMRC performing any technical or financial reviews.

How do Tax Credits differ from Tax Rebates?

A tax credit will usually just offset the tax due for the current or future tax period meaning a company must make enough profit to realise the full benefit of the tax credit. A tax rebate however is payable to a company regardless whether tax is due.

How do Tax Refunds differ from Tax Rebates?

Although there are slight differences, for the purpose of R&D Tax Relief it is the same.  A tax refund is usually an amount of tax which has been overpaid incorrectly and that amount is returned to the company.  A tax rebate is defined as the amount paid to a company based on a rebate provision such as the R&D tax relief scheme even though there was no tax overpayment

What is a Tax Reclaim?

This is defined as the process itself for getting a tax refund such as R&D Tax Relief based on qualifying R&D expenditures.

 
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